Shopping Online Gets a Security Upgrade from Mastercard

Retailers and Payments Service Providers Support Security Measures in Tokenization and Authentication

October 17, 2018 04:17 PM Eastern Daylight Time

PURCHASE, N.Y.--(BUSINESS WIRE)--Shopping, buying train tickets or hailing a cab online help make the everyday easier. In this digital age where more than half of online shoppers save their credit card info on multiple online sites and the industry average for online checkout is ten minutes, there’s still room for improvement. Today, Mastercard introduces Digital Commerce Solutions a suite of offerings that enhance the security of stored card credentials, advance authentication to reduce checkout errors and speed the online checkout experience.

“As online and digital shopping experiences become part of our everyday, Mastercard continues to maintain a focus on security, data privacy and consumer control,” said Craig Vosburg, president North America, Mastercard. “We’re putting the consumer experience at the center of our efforts so regardless of where you might shop you’ll get the best possible checkout experience without sacrificing security.”

STORING YOUR CARD ONLINE

Mastercard today announced it will enable token services on all cards by 2020 to make online transactions simple, seamless and secure. With token services, consumers can store their card credentials with a merchant or retailer without the risk of exposing actual card account details, adding another layer of security to online transactions without removing the convenience. It also prevents service disruptions with a consumer’s favorite merchants by automatically updating card credentials should a card expire or need replacement.

Together with banks, merchants and payment service providers Mastercard is bringing EMV-like security to digital environments. The company is working with Adyen, BlueSnap, Digital River, Stripe, Square, Worldpay and Mastercard Payment Gateway Services to extend tokens to thousands of retailers. It is also working directly with issuers such as Citi and Fifth Third Bank to convert cards on file into tokens. Mastercard is working with Bank of America to provide enhanced fraud scoring to help increase approval rates over time.

VERIFYING YOU ARE YOU

Mastercard is leveraging advanced technology such as biometrics and artificial intelligence to enable merchants and issuers to verify a consumer is who they say they are, thereby reducing falsely declined transactions and delivering a better consumer experience. Mastercard Identity Check provides merchants and issuers an easy way to support the new EMV 3-D Secure standard and leverage enhanced security solutions to determine potential risks and ensure more transactions can be completed with a single touch or click.

Mastercard has worked with issuers and merchants in the United States and Europe to enable the technology and has partnered with merchants and issuers across the globe to begin rolling out the technology in early 2019. The enhanced technology and insights ensure consumers can shop where they want with ease be it in-app, in a browser, or through an IoT device.

Mastercard will begin to roll out its’ solution based on SRC in the second half of 2019. Our Masterpass acceptance network supports this rollout, delivering a more consistent checkout experience for consumers and reducing the multiple steps they face at different sites today. SRC will also make it much easier for merchants to implement and securely store tokens on file and improve their approval rates. This supports a move toward a token only world by building on the tokenization standards. Masterpass acceptance is compatible to SRC.

Mastercard remains committed to providing peace of mind for consumers, whatever method they choose to pay. In addition, Mastercard is also working to ensure consumers are made aware which card they have set with card on file merchants with the introduction of new digital branding requirements. The requirements ensure a consumer is aware they are paying with a Mastercard credential during the checkout process whether it’s in-app, via browser, contactless, voice-enabled devices or a QR application.

MASTERCARD BUILDS INDUSTRY SUPPORT

“Adyen was the first to launch Automatic Billing Updater Direct with Mastercard and we are thrilled to now add tokenization capabilities. We see these integrations as important steps to ensure a seamless digital commerce experience for consumers backed by best in class security and transparency,” said Kamran Zaki, President North America, Adyen.

“Shoppers today expect a seamless buying experience, while trusting that merchants take the necessary steps to keep their personal information safe,” said Eric Christensen, vice president of payments, fraud and financial services at Digital River. “We’re excited to partner with Mastercard to add this extra layer of security to the ecommerce buying experience.”

“As a global payments leader, we take consumer data seriously and this solution further compliments our security and tokenization offerings,” says Asif Ramji, Chief Product Officer for Worldpay. “Protecting data is paramount to what we all do in payments. At Worldpay we develop solutions and work with partners like Mastercard to ensure the entire payments ecosystem is more secure. Through our partnership with Mastercard, we strive to adopt global standards and develop technology that balances security and convenience.”

*EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.